Although December sales were lower than a year earlier, 2013 total existing home sales on a national basis ended higher than in any year since 2006, according to data released by the National Association of Realtors® today.
Headlines are touting that home sales rose in December, but that’s only in comparison to a downwardly revised total for November. In fact, national home sales were slightly lower in December 2013 than they were in December 2012. The years’ totals showed an upward trend, however, thanks to strong earlier months in 2013.
Lawrence Yun, NAR chief economist, said “We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population.”
Total existing-home sales, are completed transactions that include single-family homes, townhomes, condominiums and co-ops. For all of 2013, there were 5.09 million sales, which is 9.1 percent higher than 2012.
The national median existing-home price for all of 2013 was $197,100, which is 11.5% above the 2012 median of $176,800, and was the strongest gain since 2005 when it rose 12.4%. The median Flagstaff home price remains much higher than the national number and rose just about 8% in 2013.
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